Thriving in challenging times – FinTech market update

September 28, 2023

The tech industry has always been agile, but agility and adaptability matter now more than ever. I wanted to share how important reskilling and upskilling are to firms in difficult times and to firms with an eye on recovery.

It’s been a rollercoaster for many FinTechs since the pandemic. The initial concern about trading conditions soon turned to an unexpected boom for many. Now, with rising rates and the fundraising environment being harder, many firms are trying to work out what the competitive landscape looks like. Some have shrunk, some are treading water, and it’s been tough for a while now. The tech industry has always been agile, but agility and adaptability matter now more than ever. As an experienced FinTech recruiter, I wanted to share how important reskilling and upskilling are to firms in difficult times, and to firms with an eye on recovery.

Before diving into strategies, it’s essential to distinguish between reskilling and upskilling. Reskilling involves learning entirely new skills to pivot into a different role within your business. In contrast, upskilling means enhancing existing skills and expertise, keeping professionals relevant and valuable in their current roles.

Why do upskilling and reskilling matter?

Well, the job market is now more fierce, and therefore professionals who continuously invest in themselves by acquiring new skills and knowledge are more likely to standout. Equally, the industry thrives on innovation and reskilling and upskilling allow companies to remain at the forefront of industry trends and developments. Isn’t this all on the candidates’ agenda? No, firms who support their workforce through reskilling and upskilling are more likely to retain their top talent, which boosts the company’s morale and performance.

What steps should FinTechs take?

Begin by identifying the skills and expertise within your team. This will help you pinpoint where reskilling and upskilling efforts should be concentrated. Then you need to create a culture of learning. Share with your colleagues the benefits of continuous learning and celebrate each milestone achieved.

Embrace remote learning too. It allows for flexibility for the learner, it is less disruptive for the business. Also, be aware of industry trends and shape your efforts towards the evolving demands of the sector.

Upskilling and reskilling will improve morale

It’s hard to lead teams through difficult times. How do you motivate people for stagnant markets? Or in an environment where redundancies have been made? Exposure to new duties, learning new things, and all focusing on the upturn can really improve morale. Reiterating and focusing on recovery and purpose are far more motivating than accepting the status quo.

About Fram Search

Established in 2010 by Simon Roderick, a recruiter with 20 years City recruitment experience, Fram Search is a specialist financial services recruitment company with a strong track record of working with FinTechs. We focus on permanent and interim recruitment in the UK & internationally.

We provide high quality contingent and retained recruitment services to boutiques and global brands. We have long established relationships and access to deep talent pools. Fram takes a highly consultative approach, and we have a quality over quantity ethos. We are proud that our contingent fill rate is nearly three the industry average and we augment our retained search methodology with rigorous psychometric testing. Champions of diversity & inclusion, all staff have undertaken unconscious bias training.

Please contact us on 01525 864 372 / [email protected] to learn more.